FRIES MICHAEL T 4

What Happened
Michael T. Fries, President & CEO and a director of Liberty Global Ltd. (tickers LBTYA/LBTYB/LBTYK), was granted 320,148 restricted share units (RSUs) on February 13, 2026. The filing reports this as an award/derivative transaction (code A); no purchase price or cash value is listed (N/A). These RSUs were created after conversion of performance share units (PSUs) that were partly earned based on Liberty Global’s relative total shareholder return as of year-end 2025.

Key Details

• Transaction date: 2026-02-13; Form 4 filed: 2026-02-18 (timely — filed within the two-business-day window).
• Security: RSUs convertible into Class C common shares (each RSU equals one Class C common share) — price: N/A (derivative award).
• Shares granted: 320,148 RSUs.
• Shares owned after transaction: not specified in the filing.
• Footnotes: (F2) These RSUs came from PSUs originally granted March 27, 2024; 50% of those PSUs were earned at year-end 2025 and converted into time-vesting RSUs. The remaining PSUs will be tested at year-end 2026. (F3) The RSUs vest in full on February 15, 2027, assuming continued employment.
• Transaction code: A = Award/Grant (derivative). No tax withholding or 10b5-1 plan noted.

Context
This was an equity award/conversion event rather than an open-market purchase or sale; awards are typically part of executive compensation and do not by themselves signal a buy/sell decision. The award reflects partial vesting of PSUs tied to multi-year performance tests; half of the original PSUs were earned and converted to time-based RSUs after the 2025 performance test, with the remainder subject to the 2026 test.